EURUSD
On the last trading day of the week, European Central Bank President C. Lagarde said that monetary policy makers should continue in the same direction for a while, even if inflation peaks, while Olli Rehn, a member of the European Central Bank and the Chairman of the Finnish Central Bank, said that there is ground for interest rate hikes in the current process. Existing home sales in the USA, on the other hand, decreased by 1.5% on a monthly basis in December last year, to the lowest level since November 2010, due to the effect of high mortgage interest rates. While the statements from the Fed officials caused fluctuations in the risk appetite, pricing in the dollar index remains below the 102.0 level.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,0932 |
| Resistance 2 | 1,0895 |
| Resistance 1 | 1,0875 |
| Support 1 | 1,0819 |
| Support 2 | 1,0782 |
| Support 3 | 1,0762 |
Daily Pivot Levels
GBPUSD
Contrary to expectations, retail sales in the UK decreased compared to the previous month in December last year. In the statement made by the British Office of National Statistics (ONS), it was noted that retail sales decreased by 1% compared to the previous month in December 2022, when consumer demand is expected to be strong under normal conditions due to the Christmas celebration. In the ONS statement, it was noted that consumers tend to reduce their spending due to inflation, which is close to the highest levels in the last 41 years. Economists had expected retail sales to rise 0.5% month-on-month in December and fall 4.1% year-on-year.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,2493 |
| Resistance 2 | 1,2490 |
| Resistance 1 | 1,2424 |
| Support 1 | 1,2355 |
| Support 2 | 1,2310 |
| Support 3 | 1,2286 |
Daily Pivot Levels
XAUUSD
Ounce Gold is priced below the $1935 resistance band, but is limited in pullbacks. It is seen that resistance has been formed at the $1935 level in the recent days. The dollar index stands at 101.76. The softening of the dollar in global markets and the expectation that the Fed will not be as aggressive as last year despite the interest rate hike support the upward movement of ounce gold. For today, CB leading indicators index data will be followed in the USA. It has major data in the US during the week. The impact of today's data may be limited on the markets. Fed officials' speeches are not available this week because there will be a Fed meeting next week.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1952 |
| Resistance 2 | 1945 |
| Resistance 1 | 1935 |
| Support 2 | 1919 |
| Support 3 | 1911 |
| Support 1 | 1902 |
Daily Pivot Levels
BRENT OIL
Oil prices started the new week with light sales. Many markets in Asia, especially China, will be on holiday this week. However, China will be closed for a week. For this reason, while there is no significant data flow to be announced in China, weak movements can be seen in the stock markets in terms of transaction volume. A volatility originating from China may not be expected on oil prices. Only in China, the course of the number of cases is closely monitored. This thread can be followed this week. Weekly oil stocks to be announced by API and DOE will be monitored during the week. The course of global markets will be important. Increasing concerns about recession, in particular, may lead to continued pressure on oil.
S&P500
Wall Street indices rebounded largely after losses during the week, driven by purchases in tech stocks on Friday and moderate statements from Fed members. The S&P 500 closed the session at 3,972, up 1.89% on Friday. As of this morning, the S&P 500 December futures contract is at 3,985 with a horizontal positive outlook.
